How much money will be in account six years after transfer

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Reference no: EM13147904

Joe Franklin deposits $22,000 in a savings account that pays 6% interest compounded monthly. Three years later, he deposits $16,000. Two years after the $16,000 deposit he makes another deposit in the amount of $13,500. Four years after the $13,500 deposit, half of the accumulated funds is transferred to a fund that pays 8% interest compounded quarterly. How much money will be in each account six years after the transfer?

Reference no: EM13147904

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